Perion Network Ltd. (PERI) 10-Year Financial Performance & Capital Metrics

PERI • • Industrial / General

Communication ServicesInternet ServicesDigital Advertising & Marketing TechnologyAdvertising Technology Platforms

AboutPerion Network Ltd. provides digital advertising solutions to brands, agencies, and publishers in North America, Europe, and internationally. It provides Wildfire, a content monetization platform; search monetization solutions, including website monetization, search mediation, and app monetization; and cross-channel digital advertising software as a service platform. The company also offers supply management platform; demand management platform for campaign planning and design; analytics platform, which provides information and performance insights on the results of campaign investment and other campaign metrics; creative platform to create advertisements; and an AI platform that uses machine learning to bring intelligence to the various phases of campaigns. In addition, it provides an actionable performance monitoring platform to support the various phases of campaign management; an online video player and integrated ad server to upload, manage, and stream video content; content monetization system, which integrates ads within the content layouts at the page level. Further, the company offers a publisher management system that provides analytics and performance optimization tools, as well as reports; search-demand management systems; monetization products that integrate and onboards demand vendors; and AI Systems. Additionally, it provides Intelligent HUB (iHUB), a platform for pulling in signals across various advertising channels and optimizing traffic at scale, and yielding engagement metrics and KPIs; and strategic optimization of relevant traits (SORT), a provisional patent technology that eliminates the need for cookies. The company was formerly known as IncrediMail Ltd. and changed its name to Perion Network Ltd. in November 2011. Perion Network Ltd. was incorporated in 1999 and is headquartered in Holon, Israel.Show more

Revenue $498M -32.9%
EBITDA $13M -89.6%
Net Income $13M -89.0%
EPS (Diluted) 0.25 -89.3%
Gross Margin 33.2% -9.4%
EBITDA Margin 2.69% -84.4%
Operating Margin -0.61% -104.0%
Net Margin 2.53% -83.6%
ROE 1.75% -90.1%
ROIC -0.4% -102.3%
Debt/Equity 0.03 +189.7%
Interest Coverage -4.67 -101.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y sales CAGR of 13.8%
✓Trading at only 0.7x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.51%

5Y13.77%

3Y1.36%

TTM-28.29%

Profit (Net Income) CAGR

10Y-11.51%

5Y-0.44%

3Y-31.18%

TTM-123.27%

EPS CAGR

10Y-18.82%

5Y-12.59%

3Y-37.42%

TTM-128.12%

ROCE

10Y Avg2.09%

5Y Avg10.56%

3Y Avg11.71%

Latest-0.41%

Peer Comparison

Advertising Technology Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PERIPerion Network Ltd.	392.21M	9.59	38.36	-32.95%	-2.53%	-1.6%	0.02%	0.03
CMCMCheetah Mobile Inc.	72.02M	6.95	-0.01	20.52%	-40.21%	-19.85%		0.03
TTGTTechTarget, Inc.	378.83M	5.25	-1.30	13.01%	-320.54%	-176.32%		0.28
ONFOOnfolio Holdings, Inc.	3.76M	0.73	-1.79	50.04%	-17.18%	-51.71%		0.60
THRYThryv Holdings, Inc.	233.57M	5.36	-2.68	-10.12%	3.78%	13.34%	24.08%	1.50
IZEAIZEA Worldwide, Inc.	71.59M	4.18	-3.80	-0.92%	-9.44%	-6.84%		0.00
TBLATaboola.com Ltd.	1.08B	4.20	-385.32	-53.83%	1.34%	2.77%	13.76%	0.17

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	220.95M	312.79M	273.99M	252.84M	261.45M	328.06M	478.5M	640.26M	743.15M	498.29M
Revenue Growth %	-0.43%	0.42%	-0.12%	-0.08%	0.03%	0.25%	0.46%	0.34%	0.16%	-0.33%
Cost of Goods Sold+	107.41M	156.72M	155.54M	152.11M	161.41M	220.1M	313.21M	403M	470.8M	332.83M
COGS % of Revenue	0.49%	0.5%	0.57%	0.6%	0.62%	0.67%	0.65%	0.63%	0.63%	0.67%
Gross Profit+	113.54M	156.07M	118.44M	100.74M	100.04M	107.96M	165.28M	237.25M	272.36M	165.45M
Gross Margin %	0.51%	0.5%	0.43%	0.4%	0.38%	0.33%	0.35%	0.37%	0.37%	0.33%
Gross Profit Growth %	-0.39%	0.37%	-0.24%	-0.15%	-0.01%	0.08%	0.53%	0.44%	0.15%	-0.39%
Operating Expenses+	86.17M	143.99M	108.43M	83.97M	82.03M	95.71M	119.39M	128.09M	158.07M	168.49M
OpEx % of Revenue	0.39%	0.46%	0.4%	0.33%	0.31%	0.29%	0.25%	0.2%	0.21%	0.34%
Selling, General & Admin	59.79M	91.49M	74.65M	55.37M	49.73M	54.9M	74.14M	79.83M	91.4M	106.79M
SG&A % of Revenue	0.27%	0.29%	0.27%	0.22%	0.19%	0.17%	0.15%	0.12%	0.12%	0.21%
Research & Development	26.38M	26.53M	17.19M	18.88M	22.59M	30.88M	35.35M	34.42M	33.88M	36.83M
R&D % of Revenue	0.12%	0.08%	0.06%	0.07%	0.09%	0.09%	0.07%	0.05%	0.05%	0.07%
Other Operating Expenses	-175K	-1.35M	-3.79M	1.58M	9.71M	9.92M	9.9M	13.84M	32.79M	24.87M
Operating Income+	-66.02M	11.35M	-75.66M	14.69M	18.01M	12.25M	45.9M	109.16M	114.29M	-3.04M
Operating Margin %	-0.3%	0.04%	-0.28%	0.06%	0.07%	0.04%	0.1%	0.17%	0.15%	-0.01%
Operating Income Growth %	-2.19%	1.17%	-7.67%	1.19%	0.23%	-0.32%	2.75%	1.38%	0.05%	-1.03%
EBITDA+	-54.05M	37.33M	-59.07M	24.41M	27.72M	22.18M	55.79M	123M	128.38M	13.4M
EBITDA Margin %	-0.24%	0.12%	-0.22%	0.1%	0.11%	0.07%	0.12%	0.19%	0.17%	0.03%
EBITDA Growth %	-1.7%	1.69%	-2.58%	1.41%	0.14%	-0.2%	1.52%	1.2%	0.04%	-0.9%
D&A (Non-Cash Add-back)	11.97M	25.98M	16.59M	9.72M	9.71M	9.92M	9.9M	13.84M	14.09M	16.43M
EBIT	-38.16M	9.67M	-76.74M	14.84M	18.01M	12.25M	45.43M	113.66M	135.24M	5.4M
Net Interest Income+	-2.56M	-6.75M	-4.91M	-4.26M	-2.45M	-1.15M	-53K	4.77M	21.52M	19.59M
Interest Income	551K	204K	132K	296K	624K	287K	539K	4.99M	21.88M	20.25M
Interest Expense	3.11M	6.96M	5.04M	4.56M	3.07M	1.43M	592K	227K	357K	650K
Other Income/Expense	-28.94M	-8.29M	-5.92M	-3.79M	-3.47M	-2.64M	-581K	4.5M	20.95M	18.52M
Pretax Income+	-67.96M	3.06M	-81.58M	10.9M	14.54M	9.62M	45.31M	113.66M	135.24M	15.48M
Pretax Margin %	-0.31%	0.01%	-0.3%	0.04%	0.06%	0.03%	0.09%	0.18%	0.18%	0.03%
Income Tax+	697K	212K	-8.83M	2.78M	1.65M	-610K	6.61M	14.44M	20.28M	2.87M
Effective Tax Rate %	1.01%	0.07%	0.89%	0.75%	0.89%	1.06%	0.85%	0.87%	0.85%	0.81%
Net Income+	-68.66M	201K	-72.75M	8.12M	12.89M	10.22M	38.71M	99.22M	114.96M	12.61M
Net Margin %	-0.31%	0%	-0.27%	0.03%	0.05%	0.03%	0.08%	0.15%	0.15%	0.03%
Net Income Growth %	-2.6%	1%	-362.96%	1.11%	0.59%	-0.21%	2.79%	1.56%	0.16%	-0.89%
Net Income (Continuing)	-41.66M	2.85M	-72.75M	8.12M	12.89M	10.22M	38.71M	99.22M	114.96M	12.61M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-2.89	0.11	-2.81	0.31	0.49	0.36	1.02	2.06	2.34	0.25
EPS Growth %	-2.44%	1.04%	-26.55%	1.11%	0.58%	-0.27%	1.83%	1.02%	0.14%	-0.89%
EPS (Basic)	-2.89	0.11	-2.81	0.31	0.50	0.38	1.13	2.21	2.49	0.27
Diluted Shares Outstanding	23.77M	25.89M	25.85M	25.86M	26.36M	28.8M	37.83M	48.07M	50.07M	49.56M
Basic Shares Outstanding	23.77M	25.56M	25.85M	25.85M	25.97M	26.69M	34.4M	44.87M	47.13M	50.46M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	144.57M	113.76M	114.27M	103.89M	115.11M	147.36M	446.17M	603.46M	726.59M	561.47M
Cash & Short-Term Investments	59.96M	32.38M	37.48M	43.11M	61.62M	60.36M	321.65M	430.92M	472.68M	373.33M
Cash Only	17.52M	23.96M	31.57M	39.11M	38.39M	47.66M	104.45M	177.52M	187.61M	156.23M
Short-Term Investments	42.44M	8.41M	5.91M	4M	23.23M	12.7M	217.2M	253.4M	285.07M	217.11M
Accounts Receivable	66.66M	71.35M	62.83M	55.56M	49.1M	81.22M	115.36M	160.49M	231.54M	164.36M
Days Sales Outstanding	110.12	83.25	83.7	80.2	68.54	90.37	88	91.49	113.72	120.39
Inventory	549K	2	0	0	0	0	0	0	0	0
Days Inventory Outstanding	1.87	0	-	-	-	-	-	-	-	-
Other Current Assets	0	2.3M	0	2.56M	1.29M	1.22M	1.09M	12.05M	22.37M	23.77M
Total Non-Current Assets+	298.28M	254.69M	159.76M	152.55M	168.67M	211.32M	267.06M	267.55M	350.68M	354.06M
Property, Plant & Equipment	12.71M	14.21M	17.48M	15.65M	33.35M	27.04M	15.79M	13.74M	9.79M	29.13M
Fixed Asset Turnover	17.38x	22.02x	15.68x	16.16x	7.84x	12.13x	30.31x	46.59x	75.93x	17.11x
Goodwill	203.69M	190.74M	125.05M	125.05M	125.81M	152.3M	189.26M	195.53M	247.97M	247.09M
Intangible Assets	66.07M	44.02M	11.31M	6.5M	2.63M	24.38M	56.7M	51.66M	88.65M	68.92M
Long-Term Investments	-12.34M	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	15.8M	1.62M	1.13M	943K	708K	496K	79K	49K	85K	416K
Total Assets+	442.85M	368.45M	274.03M	256.45M	283.78M	358.68M	713.23M	871.01M	1.08B	915.53M
Asset Turnover	0.50x	0.85x	1.00x	0.99x	0.92x	0.91x	0.67x	0.74x	0.69x	0.54x
Asset Growth %	0.24%	-0.17%	-0.26%	-0.06%	0.11%	0.26%	0.99%	0.22%	0.24%	-0.15%
Total Current Liabilities+	107.17M	86.71M	81.37M	77.11M	83.31M	120.11M	193.71M	234.61M	340.03M	161.85M
Accounts Payable	40.39M	38.29M	39.18M	38.21M	47.68M	72.5M	107.73M	155.85M	217.18M	122M
Days Payables Outstanding	137.24	89.18	91.94	91.68	107.82	120.22	125.54	141.16	168.38	133.8
Short-Term Debt	23.76M	17.94M	13.99M	16.06M	12M	12.85M	0	3.9M	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	24.56M	7.74M	14.91M	2.07M	4.69M	10.57M	38.92M	51.69M	74.55M	2.46M
Current Ratio	1.35x	1.31x	1.40x	1.35x	1.38x	1.23x	2.30x	2.57x	2.14x	3.47x
Quick Ratio	1.34x	1.31x	1.40x	1.35x	1.38x	1.23x	2.30x	2.57x	2.14x	3.47x
Cash Conversion Cycle	-25.26	-5.93	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	135.84M	73.6M	54.33M	30.55M	35.29M	54.45M	52.56M	53.27M	19.09M	30.74M
Long-Term Debt	75.29M	59.79M	46.72M	24.39M	8.33M	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	20.36M	17.7M	9.77M	7.58M	3.45M	18.65M
Deferred Tax Liabilities	19.46M	8.09M	0	0	0	0	0	791K	0	0
Other Non-Current Liabilities	41.09M	5.72M	7.61M	6.16M	6.59M	36.75M	42.79M	44.9M	15.64M	12.08M
Total Liabilities	243.01M	160.31M	135.69M	107.67M	118.59M	174.56M	246.27M	287.88M	359.12M	192.59M
Total Debt+	99.05M	77.73M	60.71M	40.45M	44.36M	35.06M	13.39M	11.48M	7.65M	22.3M
Net Debt	81.53M	53.77M	29.14M	1.34M	5.97M	-12.6M	-91.06M	-166.04M	-179.96M	-133.93M
Debt / Equity	0.50x	0.37x	0.44x	0.27x	0.27x	0.19x	0.03x	0.02x	0.01x	0.03x
Debt / EBITDA	-	2.08x	-	1.66x	1.60x	1.58x	0.24x	0.09x	0.06x	1.66x
Net Debt / EBITDA	-	1.44x	-	0.06x	0.22x	-0.57x	-1.63x	-1.35x	-1.40x	-10.00x
Interest Coverage	-21.21x	1.63x	-15.00x	3.22x	5.86x	8.55x	77.53x	480.89x	320.14x	-4.67x
Total Equity+	199.84M	208.14M	138.33M	148.78M	165.18M	184.12M	466.96M	583.13M	718.15M	722.94M
Equity Growth %	-0.19%	0.04%	-0.34%	0.08%	0.11%	0.11%	1.54%	0.25%	0.23%	0.01%
Book Value per Share	8.41	8.04	5.35	5.75	6.27	6.39	12.34	12.13	14.34	14.59
Total Shareholders' Equity	199.84M	208.14M	138.33M	148.78M	165.18M	184.12M	466.96M	583.13M	718.15M	722.94M
Common Stock	206K	210K	211K	211K	213K	224K	375K	398K	413K	391K
Retained Earnings	-25.83M	-25.63M	-98.38M	-90.26M	-77.37M	-67.14M	-28.44M	70.79M	184M	196.62M
Treasury Stock	-1M	-1M	-1M	-1M	-1M	-1M	-1M	-1M	-1M	-1M
Accumulated OCI	-794K	-265K	532K	142K	130K	112K	-128K	-582K	-83K	-215K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	17.57M	30.45M	36.01M	32.8M	44.74M	22.16M	71.11M	122.12M	155.46M	6.94M
Operating CF Margin %	0.08%	0.1%	0.13%	0.13%	0.17%	0.07%	0.15%	0.19%	0.21%	0.01%
Operating CF Growth %	-0.76%	0.73%	0.18%	-0.09%	0.36%	-0.5%	2.21%	0.72%	0.27%	-0.96%
Net Income	-68.66M	2.85M	-72.75M	8.12M	12.89M	10.22M	38.71M	97.48M	114.96M	12.61M
Depreciation & Amortization	11.97M	25.98M	16.59M	9.72M	9.71M	9.92M	9.9M	13.84M	14.09M	16.43M
Stock-Based Compensation	7.43M	6.84M	2.11M	2.72M	2.29M	4.45M	6.99M	13.32M	18.04M	27.21M
Deferred Taxes	-8.97M	-3.27M	-8.88M	335K	-1.76M	-3.09M	-2.75M	-1.43M	-654K	-2.11M
Other Non-Cash Items	93.35M	964K	90.05M	-898K	1.43M	4.53M	611K	-10.65M	12.23M	1.97M
Working Capital Changes	-17.55M	-2.91M	8.89M	12.81M	20.17M	-3.87M	17.66M	9.56M	-3.21M	-49.18M
Change in Receivables	3.36M	-5.33M	8.89M	7.42M	6.42M	-32.05M	-34.24M	-45.24M	-5.33M	66.06M
Change in Inventory	363K	7.04M	-9.99M	-6.36M	0	0	0	0	0	0
Change in Payables	-3.73M	-1.7M	1.11M	-1.07M	9.46M	24.74M	35.22M	48.19M	6.88M	-96.36M
Cash from Investing+	-120.45M	28.73M	-4.85M	-5.66M	-21.15M	-8.92M	-243.47M	-46.82M	-133.35M	62.6M
Capital Expenditures	-6.03M	-5.94M	-7.35M	-3.73M	-1.21M	-459K	-627K	-1.06M	-811K	-6.87M
CapEx % of Revenue	0.03%	0.02%	0.03%	0.01%	0%	0%	0%	0%	0%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-27.37M	121.72M	2.5M	1.41M	-18.74M	5K	95K	12K	27K	46K
Cash from Financing+	19.2M	-52.61M	-23.84M	-19.68M	-24.77M	-4.05M	229.05M	-3.26M	-10.82M	-100.91M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	8.5M	-29.54M	-2.55M	-3.33M	-586K	4.29M	0	-3.26M	-10.82M	-53.99M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	11.54M	24.51M	28.66M	29.07M	43.53M	21.7M	70.48M	121.06M	154.65M	67K
FCF Margin %	0.05%	0.08%	0.1%	0.11%	0.17%	0.07%	0.15%	0.19%	0.21%	0%
FCF Growth %	-0.81%	1.12%	0.17%	0.01%	0.5%	-0.5%	2.25%	0.72%	0.28%	-1%
FCF per Share	0.49	0.95	1.11	1.12	1.65	0.75	1.86	2.52	3.09	0.00
FCF Conversion (FCF/Net Income)	-0.26x	151.52x	-0.49x	4.04x	3.47x	2.17x	1.84x	1.23x	1.35x	0.55x
Interest Paid	2.26M	5.68M	4.62M	3.57M	2.32M	1.1M	203K	5K	6K	13K
Taxes Paid	21.34M	3.98M	2.7M	1.26M	4.01M	3.18M	4.37M	7.69M	18.03M	13.1M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-30.8%	0.1%	-42%	5.66%	8.21%	5.85%	11.89%	18.9%	17.67%	1.75%
Return on Invested Capital (ROIC)	-21.33%	3.13%	-26.43%	6.94%	8.41%	5.36%	12.58%	20.65%	17.95%	-0.4%
Gross Margin	51.39%	49.9%	43.23%	39.84%	38.26%	32.91%	34.54%	37.06%	36.65%	33.2%
Net Margin	-31.07%	0.06%	-26.55%	3.21%	4.93%	3.12%	8.09%	15.5%	15.47%	2.53%
Debt / Equity	0.50x	0.37x	0.44x	0.27x	0.27x	0.19x	0.03x	0.02x	0.01x	0.03x
Interest Coverage	-21.21x	1.63x	-15.00x	3.22x	5.86x	8.55x	77.53x	480.89x	320.14x	-4.67x
FCF Conversion	-0.26x	151.52x	-0.49x	4.04x	3.47x	2.17x	1.84x	1.23x	1.35x	0.55x
Revenue Growth	-43.16%	41.57%	-12.41%	-7.72%	3.4%	25.48%	45.86%	33.81%	16.07%	-32.95%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Display and Social Advertising	-	-	-	-	-	148.7M	265.32M	360.69M	398.24M	335.55M
Display and Social Advertising Growth	-	-	-	-	-	-	78.43%	35.94%	10.41%	-15.74%
Search Advertising and other	-	-	-	-	-	179.37M	213.18M	279.57M	344.91M	162.74M
Search Advertising and other Growth	-	-	-	-	-	-	18.85%	31.14%	23.37%	-52.82%
Search and other	-	-	-	126.87M	173.59M	-	-	-	-	-
Search and other Growth	-	-	-	-	36.82%	-	-	-	-	-
Advertising	-	-	-	125.98M	87.86M	-	-	-	-	-
Advertising Growth	-	-	-	-	-30.25%	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
U.S.	-	-	-	-	-	-	-	-	638.75M	373.04M
U.S. Growth	-	-	-	-	-	-	-	-	-	-41.60%
North America (mainly U.S.)	-	253.96M	213.47M	197.44M	195.9M	272.22M	423.57M	561.96M	-	-
North America (mainly U.S.) Growth	-	-	-15.94%	-7.51%	-0.78%	38.96%	55.60%	32.67%	-	-
Europe	40.61M	47.01M	48.15M	46.86M	50.67M	49.22M	48.11M	69.02M	-	-
Europe Growth	-	15.76%	2.41%	-2.68%	8.13%	-2.86%	-2.26%	43.46%	-	-
Other	-	-	12.37M	8.55M	14.88M	6.62M	6.82M	-	-	-
Other Growth	-	-	-	-30.90%	74.07%	-55.50%	2.98%	-	-	-
Other Geographic Area	6.91M	11.82M	-	-	-	-	-	-	-	-
Other Geographic Area Growth	-	70.99%	-	-	-	-	-	-	-	-
North America	173.42M	-	-	-	-	-	-	-	-	-
North America Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Perion Network Ltd. (PERI) has a price-to-earnings (P/E) ratio of 38.4x. This suggests investors expect higher future growth.

Growth & Financials

Perion Network Ltd. (PERI) reported $432.4M in revenue for fiscal year 2024. This represents a 1119% increase from $35.5M in 2011.

Perion Network Ltd. (PERI) saw revenue decline by 32.9% over the past year.

Perion Network Ltd. (PERI) reported a net loss of $11.0M for fiscal year 2024.

Dividend & Returns

Perion Network Ltd. (PERI) has a return on equity (ROE) of 1.8%. This is below average, suggesting room for improvement.

Perion Network Ltd. (PERI) generated $19.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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